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March 11, 2019

The Spread Between Growth And Value Has Gotten Crazy…


If you had to distill today’s stock market down to one overriding narrative, it would be the flow of capital into consistent growth businesses and away from anything with the slightest hint of cyclicality or earnings volatility. I full subscribe to the market’s belief that a business with steady growth should trade at a premium to the mid-cycle earnings multiple of one with more ... Read More
Categories: Investments
Positions Mentioned: AR
December 3, 2018

Who’s Bullish On Natural Gas??


I am bullish on US natural gas. I realize that this is one of the most contrarian things you can say in finance, but I am indeed bullish. Every investor knows that the US is awash in cheap natural gas, but investors often forget that usage and export volumes have also increased rapidly. Meanwhile, pipeline bottlenecks have slowed down the pace of new supply ... Read More
Categories: Investments
Positions Mentioned: AR, GPOR, RRC, SD
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